Find the equilibrium price and quantity of tickets sold

Question

Problem

Suppose that the demand for a concert, Q_D, is represented by the following equation, where P is the price of concert tickets and Q is the number of tickets sold:

Q_D = 2500 - 20P

The supply of tickets, Q_S, is represented by the equation:

Q_S = -500 + 80P

a. Find the equilibrium price and quantity of tickets sold.

b. Carefully graph your result in part a.

c. Calculate the consumer surplus at the equilibrium price and quantity.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.